Premier Li Qiang made the announcement on Tuesday at the World Economic Forum’s annual gathering in Davos, Switzerland. China’s GDP grew by roughly 5.2% in 2023, which was somewhat better than the official target Beijing had set.
“China’s economy has generally rebounded and improved in the past year of 2023,” Li said to the gathering of world leaders in industry and politics. Prior to this, the Chinese government had stated that it aimed for a growth rate of about 5% in the previous year.
Li’s remarks are made the day before the official 2023 growth statistics for the second-largest economy in the world are expected to be released.
A number of economic issues have plagued the nation, such as the real estate crisis, record high rates of youth unemployment, deflation, and an aging population. China’s growth has been widely predicted by international economists.